The four-hour chart of Ethereum indicates an upward trend line. While this support line is hindered from forming a healthy formation due to high volatility, a close below this line can provide important clues for futures market investors.
The important support levels to watch on the four-hour chart of Ethereum are $2066, $2021, and $1982, respectively. A close below the $2066 level can lead to selling pressure in the short term. A break below the $2021 level can cause significant momentum loss in Ethereum’s price.
The most important resistance levels to watch are $2093, $2137, and $2199, respectively. In particular, a four-hour close above the $2137 level, which was a significant barrier in the recent rally, will accelerate the price momentum of ETH.
The most important pattern structure to follow on the ETH/BTC chart is the ascending channel formation. The support and resistance breakouts on November 9 resulted in significant liquidations and bull traps in the futures market. During the recent correction, the ETH/BTC level fell below the EMA 200, losing critical support.
The important support levels to watch on the four-hour ETH/BTC chart are 0.05366, 0.05306, and 0.05263, respectively. In particular, a close below the 0.05366 level will lead to a support breakdown.